SANY(SH:600031) Zhi Tong Cai Jing·2025-10-12 22:42Core Viewpoint - SANY Heavy Industry Co., Ltd. is undergoing a listing process on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, and is recognized as the third-largest global and largest Chinese construction machinery company based on cumulative revenue from core products from 2020 to 2024 [1]. Group 1: Company Overview - Founded in 1994, SANY Heavy Industry has transformed from a single product and country operation to a diversified product and global operation leader in the construction machinery industry through internal development, strategic acquisitions, and joint ventures [4]. - The company offers a leading diversified product matrix that meets various operational needs, covering major categories such as excavators, concrete machinery, lifting machinery, piling machinery, and road machinery, as well as rapidly developing products like dump trucks and fire trucks [4]. Group 2: Global Expansion Strategy - As one of the first Chinese construction machinery companies to expand internationally, SANY has prioritized globalization as a key development strategy, successfully exporting products to over 150 countries and regions since 2002 [5]. - By 2024, overseas market revenue is expected to account for 62.3% of total revenue, with a compound annual growth rate of 15.2% in overseas revenue from 2022 to 2024, consistently outperforming the industry average in China [5]. Group 3: Research and Development - SANY has invested significantly in research and development, operating 21 R&D centers globally, with 17 in China and 4 in Germany, Japan, and the United States, and has incurred cumulative R&D expenses of RMB 19.59 billion [6]. - The proportion of R&D expenses to revenue exceeds the average level of global peers in the same industry [6]. Group 4: Financial Performance - SANY Heavy Industry maintains industry-leading revenue scale, profitability, and operational quality, continuously creating value for shareholders [7]. - The company's revenue increased by 18.4% from RMB 24.84 billion for the four months ending April 30, 2024, to RMB 29.43 billion for the four months ending April 30, 2025, with overseas revenue contributing RMB 16.88 billion, accounting for 57.4% of total revenue during this period [7].